Economics 2015 Study Mode

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Question 1
A
law of demand 
B
law of diminishing returns 
C
law of diminishing marginal utility 
D
law of returns to scale 
Explanation.

No official Explanation yet!


Correct Option:
B

Question 2
A
land tenure system 
B
ignorance of the farmers 
C
use of crude implement 
D
provision of food for the teeming population 
Explanation.

No official Explanation yet!


Correct Option:
D

Question 3
A
total Profit made after sales 
B
amount of goods produced 
C
total money realized from sales 
D
amount spent on purchases 
Explanation.
Revenue can be defined as the income generated by a firm from the sales of its goods and services.

Correct Option:
C

Question 4
A
level of technology 
B
government policy 
C
Entry of new firms 
D
Price of the commodity 
Explanation.

No official Explanation yet!


Correct Option:
D

Question 5
A
consumer surplus 
B
indifference curve 
C
budget constant 
D
goods of necessity 
Explanation.

No official Explanation yet!


Correct Option:
B

Question 6
A
Labour and capital are close substitutes 
B
Labour costs are only a small proportion of total costs 
C
Demand for the final product that the labour produces is elastic 
D
A large quantity of unemployed labour is available in the economy 
Explanation.

No official Explanation yet!


Correct Option:
B

Question 7
A
Paris, France 
B
Geneva, Switzerland 
C
Lagos, Nigeria 
D
Vienna, Austria 
Explanation.

No official Explanation yet!


Correct Option:
D

Question 8
A
The industry has many differentiated products 
B
The industry is characterized by rapid technological change 
C
The industry consist of large number of producers 
D
There are significant barriers to prevent firms entering the market 
Explanation.

No official Explanation yet!


Correct Option:
D

Question 9
A
issuing currency 
B
increasing cash ratio 
C
issuing cheque 
D
lending to borrowers 
Explanation.
lending to borrowers in form of loan with an interest rate makes the commercial bank to create more money.

Correct Option:
D

Question 10
A
wants 
B
Scarcity 
C
Opportunity Cost 
D
Scale of Preference 
Explanation.

No official Explanation yet!


Correct Option:
B

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